PB12020
2 3 4 9 14 25 36 38 42 87
2PB2020
2020630
100.3
PB32020
Guangzhou Automobile Group Co., Ltd.GAC Group
020-83151139020-83150319ir@gac.com.cn
44845823510030
510623 18808
www.gac.com.cn
ir@gac.com.cn
020-831511393
www.sse.com.cn www.hkexnews.hk
2322
A601238H02238
2020
379.7382.46
0.6210.47%
37.40%89.42%
GS4 COUPEGS8SAion V157WF251.0TGDI3145211,597.03
9.00%256.429.56%
23.1852.88%0.23
52.08%147.64
5.63%21.04
99.10%
2020
100.3
夯e-TIME
Aion V7
GS8GN8
6,983GPMAGEPAion LX Fuel Cell(3DG)ADiGO 3.05G V-BOXAion V5G
2020
3,612.787,500
N9520205,611.4
10%20%
2020
+PVAQDR
e-TIMETHSG-MC 2.0T-BoxG-OSEEA 3.0
8PB2020
PB92020
1.
2.
(1)
? 1329SUV3
MPV
Trumpchi GA4GA6GA8GS3GS4GS5GS8GS8SGM6GM8 AccordCriderVezelOdyssey
FitAvancierBreezeAcura CDXAcura TLX-LAcura RDX CamryHighlanderWildlander
Yaris LLevinC-HR JEEPJEEPJEEPJEEP ASXOutlanderEclipse Cross
10112020
GS4 PHEVGE3Aion SAion LXAion V ????
Acura CDXVE-1 E+iA5C-HR EV JEEP?PHEV ?PHEV?EV HYCAN007
? 12
20202273.3?
4S2,533(2)
10112020
3.
4.
74%5.
()
1,011.241,025.6916.81%16.91%4
775.36787.25
22.48%22.42%25.93%25.96%SUV
14.63%14.87%MPV48.06%45.68%
39.7039.3036.50%37.40%
12132020
36.30%3.04
25.00%23.70%
1.902.30
913.9016.50%
0.4089.10%0.40
1.
2.
(1)
(2)(3)
3.
SUVMPVGS4 PHEVGS4 COUPEGA8Aion VC-HR EV??CDXHYCAN007
12132020
4.
IDUADiGO 3.0
5G V-BOX9276,983666674,498642
A5.
GEPADiGOAion
GEP 2.0Aion VADiGO 3.05G5G+C-V2X5G6.
A+H
14152020
()
1.
45,000
2.
Aion SGS4 PHEVGS4 COUPEGA8Aion VC-HR EV??CDXHYCAN007
14152020
3.
80%Aion
5,900
4. 夯
QDRGS4 COUPEGS4 PHEVGS8SGM8Aion VADiGO 3.05G5G+C-V2X5G
16172020
5.
6.
A2020
9880e1,500IR
1,597.03
9.00%
256.429.56%
23.1852.88%
0.2352.08%
16172020
1. 2020
5.38
GS4PHEVGS8SGS4 COUPEAion VGA8,
289.42%2.
C-HR EV
CDX
·3.
18192020
1.
%
256.42283.51-9.56
246.75263.10-6.21
14.3017.35-17.58
16.4317.81-7.75
2.352.92-19.52
2.572.1420.09
39.8748.66-18.06-68.82-37.55-83.28
32.46-0.943,553.19
-32.11-14.52-121.142.
256.429.56%
3.
246.756.21%
9.6710.74
3.43
18192020
4.
(1) 3.05
(2) 1.38
(3) 0.57
(4) 0.435.
(1) 68.82
37.5531.27
(2) 32.46
0.9433.40
(3) 32.11
14.5217.59
20212020
(4) 2020630167.67
2019630224.4156.74
6.
39.87
8.79
7.
-0.920.95
23.18
52.88%0.2352.08%
20212020
1.
()()()()
149.18147.551.09-11.46-9.801.82
9.048.674.09-10.50-0.239.87
87.1684.183.42-7.42-0.466.76
11.046.3542.482.411.440.55
256.42246.753.77-9.56-6.213.43
2.
()()()()
149.09147.491.07 -11.46-9.801.82
96.2092.853.48-7.72-0.447.06
11.136.4142.412.391.420.55
256.42 246.75 3.77 -9.56 -6.21 3.43
22232020
3.
()
253.78-10.49
2.64
256.42 -9.56
1.
(%)(%)(%)
18.451.428.430.61118.86
120.609.29108.107.8611.56
48.033.7061.694.49-22.14
270.7120.85336.1624.45-19.47
22232020
2.
(1)
118.86%
(2) 11.56%
(3) 22.14%20
(4) 19.47%
1.
20206301.44201912311.36
1.24201912311.20
2.
2020630483.24
334.631.442020630125.33
25.754
58.86
13.12%
+++
24PB2020
3.
4.
2020630020191231020206300201912310
5.
PB252020
100.3
202082849
100.3
20172201912182020121720206222019
19.40A10.13A
20206122020-048
26272020
1.
32017-1112.
(A)0
461,000,000(B)244,000,000(A+B)244,000,000(%)0.30%(C)070%(D)050%(E)0(C+D+E)0
26272020
A1.
2016122410,558A2016
2.
2016
1,965
(%)276,051,00010.83248,777,0009.76
005LFH002176,752,0006.93
128,030,0005.02114,775,0004.50100,557,0003.94
75,803,0002.9772,794,0002.8657,142,0002.2451,185,0002.01
28292020
3.
20162,552,276,0003,102,000002,549,174,000
4.
2016
3,102,000(A217,530(A72,071,353(%)1.12%
2,549,174,000(%)62.09%
28292020
5.
2017
91421.43
2017
201710
21.53A
21.43A
2017
112121.27
2017
1120
753,390,254A
21.43
A21.27A2017
122121.24
2017
12202018
61214.86
2018
2017
104.3
2018
91714.76
2018
201810
14.86A
14.76A
30312020
2018
11714.74
2018
A
2019
62514.46
2019
2018
102.8
2019
92414.41
2019
201910
0.5
14.46A
14.41A
202062214.26
2020
201910
1.5
14.41A
14.26A
14.26
30312020
6.
2020630129,840,547,30536.05%AAA
A
A
AA1.00
753,390,25419.91A
19.80A
A20171017A19.03A2017112017111714,999,999,957.1483,050,000.0014,916,949,957.142020630
32332020
202063020206304,031,673,617.321,107,492.68
1480,000.0080,740.22336,424.212023260,000.002,459.6723,404.3220213100,000.004,348.8456,834.662020480,000.000.0022,782.955220,000.000.00152,350.386250,000.0010,281.58212,963.017215,000.003,914.14203,685.23
7.1A1620,000.00187.3618,760.84
7.2A3535,000.002,625.1434,445.42
7.3A5H30,000.000.0030,547.98
7.4A1040,000.00427.4536,665.17
7.5A3015,000.000.0015,000.00
7.6A3210,000.000.0010,000.00
7.7A0635,000.00368.9335,137.42
7.8A7M30,000.00305.2623,128.40850,000.00297.4347,898.55930,000.00639.0527,844.3710P615,000.000.0015,000.00
–0.008,305.00–1,500,000.00102,680.931,107,492.68
32332020
2020828
1414A2019
34352020
1.
2.
34352020
3.
202063091,835CPI
4.
5.
36372020
()(%)(%)
1,054,746,35610.301,054,746,35610.30
31,054,746,35610.301,054,746,35610.30
1,054,746,35610.301,054,746,35610.30
9,182,961,18589.70217,530217,5309,183,178,71589.7016,084,340,88059.43217,530217,5306,084,558,41059.43
33,098,620,30530.273,098,620,30530.27
10,237,707,541100217,530217,53010,237,925,071100
217,530A
36372020
2020630336
5%
(%)(%)
A5,191,015,530 (L)72.7153.56H292,208,000 (L)9.43BlackRock, Inc.H156,526,708 (L)5.051.60
7,674,400 (S)0.25Citigroup Inc.H182,852,970 (L)5.903.54
3,222,280 (S)0.10176,812,365 (P)5.71
H190,108,000 (L)6.141.86Brown Brothers
Harriman & Co.
H223,958,369 (L)
223,958,369 (P)
7.23
7.23
4.38
AllianceBernstein L.P.H156,907,977 (L)5.061.53
1. (L)(S)(P)
2. 2020630A5,206,932,069A
72.93%H292,208,000H9.43%AH5,499,140,069
53.71%
38392020
62019
2020630
1.
867,000A707,000A-160,000A731,533A731,533A0–
98,467A98,467A0–98,000H98,000H0–712,300A534,300A-178,000A712,267A534,267A-178,000A716,368A537,368A-179,000A111,274H111,274H713,668A693,668A-20,000A139,220A105,220A-34,000A
80,353A80,353A0–92,400H92,400H0–
38392020
2. A
A
AA
AA
AA
1,120,0000373,33201,120,0001,064,0000354,66601,064,000
784,0000261,3320784,0001,008,0000336,00001,008,0001,008,0000336,00001,008,0001,064,0000354,66601,064,0001,008,0000336,00001,008,0001,008,0000336,00001,008,0001,008,0000336,00001,008,0001,008,0000336,00001,008,0001,008,0000336,00001,008,000/11,088,00003,695,9960/11,088,000 20172A2019121820201217
20206222019A
19.40A10.13AAAA
40412020
2017A201712182,35840,333.54
28.40201812174576,233.69A
10.61
19.40
10.13
62,700.6520206306.12%
2436A
40412020
A
2020630
42432020
19,558,41019,395,807
6,983,1556,846,371
1,301,0661,334,487
12,059,97910,809,744
31,158,54632,004,786
1,911,1871,705,313
1,107,3081,224,218
3,308,0883,137,4724,129,1074,140,853
81,516,84680,599,051
6,845,8376,927,830
17,661,64616,843,950
15,1206,948
1,844,995842,8453,533,4146,959,9241,655,2001,678,01716,767,48923,604,986
48,323,70156,864,500
129,840,547137,463,551
10,237,92510,237,70827,907,35328,144,76642,587,75141,805,637
80,733,02980,188,1112,293,7212,320,135
83,026,75082,508,246
42432020
355,100262,876
7,729,6537,691,622
1,253,2711,232,042
210,360183,136882,5951,014,7762,919,4572,795,975
13,350,43613,180,427
27,070,81833,616,4671,218,9151,528,757203,185284,124
4,803,2896,168,929
167,154176,601
33,463,36141,774,878
46,813,79754,955,305
129,840,547137,463,551
44452020
25,641,58428,351,459(24,675,356)(26,310,099)
966,2282,041,360
(1,429,927)(1,734,589)
(1,642,854)(1,780,519)(43,794)(10,087)205,706170,742392,1661,671,268
(1,552,475)358,17550,79843,478
(235,236)(291,981)
3,986,8674,866,225
2,249,9544,975,897
92,389(2,118)
2,342,3434,973,7792,317,7704,918,55824,57355,221
2,342,3434,973,779
44452020
1,611382
(116,910)(6,281)
(115,299)(5,899)
2,227,0444,967,880
2,202,4714,912,65924,57355,221
2,227,0444,967,880
0.230.48
0.230.48
46PB2020
10,237,70828,144,76641,805,63780,188,1112,320,13582,508,246
––2,317,7702,317,77024,5732,342,343–(115,299)–(115,299)–(115,299)
–(115,299)2,317,7702,202,47124,5732,227,044
––(1,535,656)(1,535,656)(67,186)(1,602,842)––––16,00016,000–(115,907)–(115,907)–(115,907)
2172,884–3,101–3,101–(9,091)–(9,091)199(8,892)
217(122,114)(1,535,656)(1,657,553)(50,987)(1,708,540)
10,237,92527,907,35342,587,75180,733,0292,293,72183,026,750
10,232,49726,880,66239,490,69576,603,8541,370,85377,974,707
––4,918,5584,918,55855,2214,973,779–(5,899)–(5,899)–(5,899)
–(5,899)4,918,5584,912,65955,2214,967,880
––(2,865,995)(2,865,995)(35,815)(2,901,810)––––1,070,5751,070,5753,98513,648–17,633–17,633
–3–3–3–4,035–4,035–4,035
3,98517,686(2,865,995)(2,844,324)1,034,760(1,809,564)
10,236,48226,892,44941,543,25878,672,1892,460,83481,133,023
PB472020
(6,543,884)(3,219,146)251,639203,089(422,165)(388,895)(167,200)(349,603)
(6,881,610)(3,754,555)
(3,482,087)(5,584,521)46,14317,961(407,126)–(349,542)(221,199)(15,000)(290,900)(52,500)(10,000)
–22,3507,099–
(1,634,141)(3,542,554)
766,1881,701,149
60,91738,136(500,000)(85,000)
–10,7185,375,8284,012,7443,430,6283,200,419
–636,340
3,246,407(94,357)
48PB2020
–16,61016,0001,070,575(1,535,656)(2,865,995)(35,570)(27,243)3,436,4152,340,46692,661–13,980–(2,477,231)(1,966,572)(2,409,590)–(185,963)50,388(111,972)(75,205)(13,292)–
(1,137)5,398
(3,211,355)(1,451,578)
(6,846,558)(5,300,490)23,604,98627,729,5869,06112,218
16,767,48922,441,314
PB492020
448–45823
50512020
(a)
2018
(b)
50512020
10%
52532020
24,583,4301,215,845(157,691)–25,641,584
(46,138)(111,553)157,691––
24,537,2921,104,292––25,641,584
22,665,639–––22,665,6391,397,994136,415––1,534,409
473,659967,877––1,441,536
(1,866,278)76,115––(1,790,163)
163,385163,385
74,30374,303
(1,552,475)7,7652,686–40,34750,798(137,345)(3,805)–(94,086)(235,236)
3,726,434260,433––3,986,867
2,249,954149,903(57,380)–(134)92,389
2,342,343
52532020
27,307,6731,146,258(102,472)–28,351,459(34,439)(68,033)102,472––
27,273,2341,078,225––28,351,459
25,443,294–––25,443,294 1,298,463128,739––1,427,202
531,477949,486––1,480,963
(351,592)215,70818,057–(117,827)
118,934118,934357,068357,068
358,1758,7844,408–30,28643,478(110,894)(10,320)–(170,767)(291,981) 4,617,637248,588––4,866,225
4,975,89735,780(40,861)–2,963(2,118)
4,973,779
54552020
96,820,85832,894,970(36,640,214)36,764,933129,840,547
101,925,92237,036,319(36,341,329)34,842,639137,463,551
51,169,84723,018,630(36,640,214)9,265,53446,813,797
51,542,54727,583,109(36,431,011)12,260,66054,955,305
54552020
19,395,8071,334,48710,809,7441,273,084–2,239,224
2,566(2,566)–(27,018)–(1,686)(1,086,029)(30,855)(987,303)
19,558,4101,301,06612,059,979
16,318,3931,485,9948,539,9854,237,221–1,816,880
25,557(25,557)–(43,703)–(10,253)
(17)––(924,185)(31,977)(565,191)
19,613,2661,428,4609,781,421
56572020
5,617,7255,462,3601,327,3711,338,80818,46421,80019,59523,403
6,983,1556,846,371
167,154176,6011,253,2711,232,042
1,420,4251,408,643
5,462,3601,384,0116,846,371214,435123,753338,188(59,070)(142,334)(201,404)
5,617,7251,365,4306,983,155
3,929,992361,1204,291,112266,496605,597872,093(63,760)(94,091)(157,851)
4,132,728872,6265,005,354
56572020
22,953,64323,867,207
8,204,9038,137,579
31,158,54632,004,786
(i)3,580,9854,295,449(i)405,882570,776
3,986,8674,866,225
(i)
58592020
7.1
(a)
23,867,20722,113,574(i))422,126290,900
–(22)(6,949)–3,580,8634,342,566
(4,909,604)(3,301,991)
22,953,64323,445,027
(i)
329,686,00015,000,000
58592020
7.1
(b)
%
(c)
90%
60612020
7.1
(c)
76,756,32874,621,992
47,650,95052,811,06242,234,94846,104,137
89,885,89898,915,199
166,642,226173,537,191
20,728,43621,693,717
10,302,6315,980,843
31,031,06727,674,560
22,186,76023,703,66072,527,86479,557,334
94,714,624103,260,994
125,745,691130,935,554
40,896,53542,601,637(18,341)(17,206)
40,878,19442,584,431
60612020
7.1
(c)
107,259,368118,137,092(88,955,681)(97,408,737)(11,138,691)(12,022,625)
7,164,9968,705,730(1,135)(107)
7,163,8618,705,623
––
7,163,8618,705,623
62632020
7.1
(c)
九九
47,321,85144,697,44034,183,92035,192,31347,851,65851,895,282––36,124,45842,413,23324,412,42626,733,07146,635,82944,880,3644,802,6163,222,56712,359,19913,813,23312,342,41412,477,3072,778,6816,069,868––9,633,30510,648,2016,223,3676,922,3103,798,0268,617,899––2,013,0821,992,3111,530,0751,473,738372,401540,777––47,153,01647,115,27840,674,23541,108,8311,954,1911,823,989––2,581,9053,032,8381,318,7601,729,6412,017,0842,128,21244,05512,660
157,186,816163,712,534120,685,197125,637,211105,407,870115,956,3914,846,6713,235,227
62632020
7.1
(c)
157,186,816163,712,534(120,685,197)(125,637,211)(18,341)(17,206)
36,483,27838,058,117
50%50%
18,241,63919,029,0592,916,5522,916,5522,895,2932,895,29321,25921,25921,158,19121,945,611
64652020
7.2
(a)
8,137,5796,881,735(i)402,042231,199
(150)–
402,528576,405(737,096)(1,132,652)
8,204,9036,556,687
(i)
323,192,000(b)
405,882570,776
405,882570,776
64652020
1,522,177901,09816178,650331,315
1,700,8271,232,413
9.1
???
66672020
9.1
(a)(b)(c)
606,042––606,04250,8501,576,440–1,627,290
––1,409,2771,409,277––144,790144,790205,297––205,297
––554,524554,524–605,863–605,863
862,1892,182,3032,108,5915,153,083
380,640––380,640
––726,668726,668––15,12015,120
380,640–741,7881,122,428
1,242,8292,182,3032,850,3796,275,511
66672020
9.1
(a)(b)(c)
732,236––732,236
50,1911,017,380–1,067,571
––785,539785,539––148,871148,871114,724––114,724
––543,952543,952–587,424–587,424
897,1511,604,8041,478,3623,980,317
497,550––497,550
––726,668726,668––6,9486,948
497,550–733,6161,231,166
1,394,7011,604,8042,211,9785,211,483
68692020
9.1
(a)
(b)
??
68692020
9.1
(c)
543,952785,539726,668148,8716,9482,211,978
10,5641,140,403–143,00056,4651,350,4323,73819,335–7,593–30,666(3,730)(536,000)–(154,674)(48,293)(742,697)
554,5241,409,277726,668144,79015,1202,850,379
84,506–2,474–6,988
70712020
9.1
(c)
1,409,2774%-5.6%726,668145-153 (i)
554,5241%-3%144,7905.36%-6.35%
(i)
70712020
9.1
(c)
214,981582,275714,89696,1571,608,309300,7501,366,856–145,0001,812,60617,9326,309–(2,790)21,451(1,290)(834,653)–(93,000)(928,943)
532,3731,120,787714,896145,3672,513,423
17,9325,793–36724,092
1,120,7873.10%-4.90%
714,896139-153 (i)
532,3731%-3%
145,3675.81%-6.35%
(i)
72732020
0365
3,869,5072,908,145
230,741561,819
3,98778,98877,7487,363
4628,401102,563155,960
4,285,0083,720,676(258,525)(254,327)
4,026,4833,466,349
72732020
H
7,139,0887,139,0883,098,6203,098,62010,237,70810,237,70813217217––217217
7,139,3057,139,3053,098,6203,098,62010,237,92510,237,925
(a)
A2,358403,335,400AA(Black-Scholes)3.8545762,336,900AA
2.11
74752020
(a)
2,918,122,000161,335,000
50,125,0002020630169,257,814AA126,455,00010,548,000
8,993,21511,749,823299,842318,53428,35039,98144,63434,585
9,366,04112,142,923
74752020
1,865,4031,853,578(a)2,989,4072,987,685(b)2,575,0792,550,677(d)299,764299,682
7,729,6537,691,622
3,950,8563,146,81270,00070,000(a)61,7192,245,284(c)320,890306,979(e)399,824399,854
4,803,2896,168,929
12,532,94213,860,551
(a) 103,000,000,000
5.09%
76772020
(b) 41,055,8004,105,580,0000.20%0.50%
1.00%1.50%1.50%1.60%4,105,580,000
21.871
45,546,0003,672,418,000387,578,000
14.2614.41
3,102,00014.26
14.41217,000
3,101,000(c) 300,000,000
5.11%
299,508,000(d) 300,000,000
4.56%
299,508,000(e) 400,000,000270
2.18%
399,910,000
76772020
(f)
13,860,55112,440,723
5,999,7214,901,153(5,178,911)(4,473,855)70,00073,022(70,000)(100,000)399,910–(400,000)–(2,000,000)–(3,101)(3)247,683188,614
(392,911)(138,485)
12,532,94212,891,169
2,305,5911,679,204
–17112(14,691)43,79410,087
3,945,6604,172,588
(3,426)(1,278)(314,167)(1,760,694)
–(22,328)
19,89310,221
78792020
200,262212,69134,97479,290
235,236291,981
86,261333,433(178,650)(331,315)
(92,389)2,118
(i)
15%25%15%25%
78792020
(a)
2,317,7704,918,55810,237,70810,233,717
0.230.48
(b)
80812020
(b)
2,317,7704,918,558
46,85758,874
2,364,6274,977,432
10,237,70810,233,717
–4,809
178,981176,506
10,416,68910,415,032
0.230.48
0.03 0.05307,138511,824
1,535,656,0002,865,995,000
0.03
0.05307,138,000
511,824,000
80812020
1,076,7381,054,3651,072,9391,233,384
2,149,6772,287,749
–12,880–2,754,435
–2,767,315
(i)1,223,6921,402,920
3,373,3696,457,984
(i)
360,000,000
266,605,00079,470,000
20,330,000143,926,00037,855,000267,994,000
14,930,000102,900,000
82832020
(a)
987,8121,587,284146,13727,152159–
1,134,1081,614,436
82,62573,520
177386
82,80273,906
1,216,9101,688,342
460,809568,502283,688253,181622408681
744,645822,004
82832020
419,750476,617341,116190,8319,207–
770,073667,448
4,128,6803,866,043
462455
4,129,1423,866,498
4,899,2154,533,946
10,00437,89924,81527,7099,2071,833
44,02667,441
117,622118,920
3303747,5416,938
125,493126,232
(a)
84852020
471351505675265321
1,2411,347
19,99319,11530,32728,81414,61013,254
64,93061,183
585,00085,000
85,000––20,000
85,00020,000
70,00070,000
70,000100,000
20,681–
18,142–
(a)
84852020
(b)
7,3925,911
(c)
(i)
(ii)
13(a)
86PB2020
0.03
10,237,925,000307,138,000AH
PB872020
20%50%
20166860%201812AW40%
20184162000321
20148449%20134
20182282000829
88892020
2010392017190%5%5%200711281998513
20129252017
2018445%2010525
200491
88892020
200422430%2006
2000101820087
MPV
571條例200310870%30%
90PB2020
SUV
201168
53.55%
199250%